Charles Hoskinson Reiterates VC’s Lack of Support for Cardano (ADA) Using a “Partial List” of Terra’s Financial Backers and condemns Venture Capitalists (VCs).
Hoskinson has once again reprimanded the partial VC relationship in the cryptocurrency space, as some projects seem to enjoy venture capitalists’ contributions over others.
Charles Hoskinson, the CEO, and founder of Cardano took to his Twitter page today to share a partial list of Venture Capitalists (VCs) backing Terra (LUNA) despite the cryptocurrency’s recent fall from its glory days.
The Cardano boss shared the lists of Terra backers to tell a tale of “VC’s relationship in the cryptocurrency space,” which seems to be favoring a few crypto projects over others.
VCs Backing Terra
Some of the VCs supporting the Terra project include Binance, Coinbase Ventures, Galaxy Digital, Huobi Capital, Polychain, Pantera Capital, Huobi Capital, and Hashed. Even such big investors were not able to prevent Terra from falling 99% from above $80 to $0.000058 in days.
The list also contains the names of individual backers like Mike Novogratz and Michael Arrington.
“Just as an example of the VC relationships in this space. Here’s a partial list of all Luna’s backers. Much larger lists for other coins,” Hoskinson said while sharing an image containing the names of VCs backing the Terra project.
Just as an example of the VC relationships in this space. Here's a partial list of all the Luna backers. Much larger lists for other coins pic.twitter.com/zaXEHYkGGC
— Charles Hoskinson (@IOHK_Charles) May 13, 2022
Hoskinson Slams VCs’ Lack of Support for Cardano
The development comes a few days after Hoskinson stated a lack of love and support for the Cardano project from VCs and crypto media.
Hoskinson made this known on Twitter as he quoted Novogratz’s previous tweet when he shared a picture of his arm with a LUNA tattoo.
“I’m always wondering why VCs and crypto media love certain Alts and hate on Cardano. Just can’t figure it out…,” Hoskinson said, quoting Novogratz’s tweet.
I'm always wondering why the VCs and cryptomedia love certain alts and hate on Cardano. Just can't figure it out….. https://t.co/zAfHQYrAFN
— Charles Hoskinson (@IOHK_Charles) May 10, 2022
Cardano Still Doing Well With Community Support
According to Hoskinson, despite Cardano not being funded by VCs, the project is not doing badly when people consider its growth and development over the years.
In a recent YouTube video, Hoskinson applauded the Cardano community for standing solidly behind the project despite the lack of support it has received from VCs. He believes that Cardano’s $700M decentralized reserve controlled b y community and funded by catalysts is enough for ADA.
“I hear people say that Cardano has no venture capitalists (VCs). What is capitalist? $700 million is ready to go deployed in a responsible manner through terms that you, the community control, and every single time a voting round happens we see more participation, we see more voting in many of the great projects,” Hoskinson said.
While he believes the growth of Cardano is not reflected in the price of ADA, the blockchain project’s native cryptocurrency, he said it is only a matter of time before the coin’s value will soar tremendously.
At press time, ADA is trading around $0.59, up nearly 40% in the last 24 hours. Meanwhile, the story of LUNA’s crash has continued to pierce the hearts of cryptocurrency enthusiasts.
The cryptocurrency crashed from above $85 recorded last week to a low of $0.00000009 earlier today.